Good Practice in Banknote and Currency Management

Banknote and Currency Management Seminar

Good Practice in Banknote and Currency Management

Disruptive Innovation in Finance: How is it Impacting Currency Management?

13:3015:00

New challenges across the currency life-cycle
Pre-recorded presentation

13:30 - 15:00

  • The state of the art of the currency landscape in 2020
  • New roles and responsibilities for currency managers
  • Key forces and dynamics shaping the currency lifecycle
  • The impact and implications of disruptive technological innovation
Antti Heinonen

Chairman

Banknote Ethics Initiative

Antti Heinonen has been the chairman of Banknote Ethics Initiative since its inception in 2013. He was the chairman of the Central Bank Counterfeit Deterrence Group between 2008 and 2012 and the Director, Banknotes at the ECB from 1998 until 2008. He chaired the Banknote Committee of the European System of Central Banks for more than 10 years and the Eurosystem Cash Changeover Co-ordination Committee in 2001 and 2002. Prior to joining the ECB he was the chief cashier for the Bank of Finland. He holds degrees in economics and mathematics from the University of Helsinki, and has recently written two books, one on the history of Finland’s markka banknotes, and another on euro banknotes. The latter is also translated in English (The First Euros) and German (Die Ersten Euros).

 

15:0015:15

Coffee break

11:45 - 12:00

15:1516:45

Environmental, sustainability and ethical practices: where can currency managers contribute?

15:15 - 16:45

  • Overview of the environmental impact of banknotes
  • Strategies to reduce the carbon footprint of banknote production
  • Examples of production, circulation and destruction of greener banknotes
  • Discussion: How can central banks contribute in greening production of banknotes?

16:4517:15

Coffee break

12:45 - 13:00

17:1518:30

Digital money: are CBDCs, stablecoins and crypto assets threats or opportunities?
Presentation followed by Q&A

17:15 - 18:30

  • Overlaps and differences between privately issued crypto assets and CBDCs
  • Understanding the impacts on central banks mandates and responsibilities
  • Implications for currency management
  • Discussion: How can currency managers harness technological innovation to compete?
John Winchcombe

Currency Performance Consultant

John Winchcombe is a Currency and Payment Consultant having spent his career working with central banks on banknotes and management of the cash cycle. He worked for De La Rue and was the Currency Division Product Development and Marketing Director until mid-2015. He still works on providing banknote circulation and performance data based on the automated reading and analysis of banknote serial numbers and is Editor of Cash and Payment News. In this editorial role he writes monthly about payments and, in particular, about the impact of digital currencies. Crypto currencies, stablecoins and CBDCs have been steadily growing in importance and there is a need to bring clarity about them. John speaks regularly on webinars and at conferences. He is also an adviser to the Central Bank Digital Currency conference.   

Circulation, Distribution and Design

09:0010:30

New data analytics for demand forecasting

09:00 - 10:30

  • Unlocking the potential of data
  • Tips for using artificial intelligence in currency management
  • Trends in data analytics for currency management
  • Case study: How are central banks mining external data to manage currency?

10:3011:00

Coffee break

11:45 - 12:00

11:0012:30

Cash circulation, distribution and destruction: what to outsource, when and how?
Pre-recorded presentation

11:00 - 12:30

  • Overview of logistical realities for circulation and distribution of cash
  • Tips for innovation in cash processing functions
  • Examples of successfully implemented cost saving strategies
  • Discussion: What to outsource, when and how?
Leif Veggum

Director, Cashier's Department

Norges Bank

Leif Veggum joined Norges Bank in 1986 and has worked in the Cashier’s Department since 2000, becoming Director of the unit in 2017.

Leif has played a central part in the changes that Norges Bank implemented in the cash area in order to increase the overall efficiency in cash distribution. This included both redefining Norges Bank’s role and responsibilities, and reorganizing the services and tasks for which the central bank is responsible.

Prior to that, Leif served in Norges Bank’s Financial Markets Department and Payment Systems Department.

 

12:3013:30

Break

12:45 - 13:00

13:3015:00

New realities of public engagement
Presentation followed by Q&A

13:30 - 15:00

  • Recognising the importance of effective engagement of a number of key stakeholders
  • Challenges and opportunities of engaging with stakeholders and the general public
  • Tips for understanding growth and changes to communication tools to engage the public
  • Discussion: what are the best and available channels to engage the public?
Lisa Cronier-Gabel

Director, external stakeholder management

Bank of Canada

Lisa Cronier-Gabel joined the Currency Department of the Bank of Canada in September 2016 as the Director, External Stakeholder Management. She is responsible for building and managing critical business relationships with external partners to ensure confidence and pride in Canada’s bank notes as well as delivering various initiatives related to bank note development and issuance. Prior to joining the Bank, Lisa spent 14 years at Immigration, Refugee and Citizenship Canada (IRCC) managing various programs, most notably the Citizenship program.

15:0015:30

Coffee break

15:00 - 15:30

15:3017:00

Substrate choice: security, acceptability, economy and longevity
Presentation followed by Q&A

15:30 - 17:00

  • Overview of different substrate types
  • The role of the substrate in a new series planning, design and introduction
  • Frameworks and indicators for the evaluation of a new substrate
  • Discussion: what do you expect from a banknote substrate?
Rosbert Humphrey

Director, currency management department

Eastern Caribbean Central Bank

Mr Rosbert Humphrey has been employed at the Eastern Caribbean Central Bank (ECCB) for the past twenty two (22) years, twenty one (21) of which have been in the Currency Management Department, where he is currently the Director. His main duties include Forecasting, Ordering and Monitoring of currency stocks, and general management of the Currency Management Department. He is a certified Banknote Forensic Expert Witness and a Trainer in the delivery of Expert Witness Training in the Eastern Caribbean countries. Rosbert has been a presenter and discussant at several banknote and currency seminars, workshops and training courses.

Rosbert is a native of St Vincent and the Grenadines, and holds a Bachelors of Science Degree in Economics and Accounting and a Masters of Science Degree in Finance.

17:0017:15

Coffee break

17:00 - 17:15

17:1518:45

Good practice in planning and introducing a new banknote series

17:15 - 18:45

  • Overview of the decision-making process for a new banknote series
  • Lessons learned from designing and introducing a new series  
  • Strategies for effective engagement and communication with the public
  • Discussion: new notes – what works and what doesn’t

Adding Value with Technology

09:0010:30

Banknote analytics: building blocks and technology foundations
Presentation followed by Q&A

09:00 - 10:30

  • Utilising cash flow data to maximize currency lifecycle
  • Strategies for making the cash cycle more cost-efficient and sustainable
  • Understanding migration patterns of local currency
  • Practical use of banknote serial-number reading
Lee Maisner

Managing Director

7 Layer Solutions

Lee has been a member of the cash community for nearly 30 years, 20 as the Managing Director of 7 Layer Solutions. He has consulted on, conceived, functionally designed and implemented solutions for central banks, commercial banks, CITs and retailers throughout the world.

7 Layer Solutions are a specialist software development company. Formed 20 years ago they have conducted projects globally across the entire cash logistics supply chain. Their developments are deployed across thousands of sites but frequently as the company behind the big name, they are unseen experts in cash processing software.

10:3010:45

Coffee break

10:45 - 12:00

10:4512:15

Counterfeiting technology: what are the major threats?
Presentation followed by Q&A

10:45 - 12:15

  • Counterfeiting situation
  • Technical trends 
  • Counterfeiting techniques
Martin Münd

Senior Counterfeiting Expert

European Central Bank

Martin Münd was born in Mannheim, Germany in 1964. He started printing at the age of 12 in a voluntary workshop at school and went on to establish his own little print shop as a side business in the cellar of his parents‘ house. He studied printing technology at the “Fachhochschule für Druck” in Stuttgart, Germany and graduated as a printing engineer in 1995. For four years he was employed in the process engineering department of a major manufacturer of electric appliances as an expert on printing and marking technologies. In 1999 he followed his life long passion and fascination for banknotes by joining the counterfeit money department of Deutsche Bundesbank. In 2001 he moved on to the European Central Bank and has since been working at the ECB’s Counterfeit Analysis Centre (CAC) as an expert on counterfeit banknotes. 

12:1513:15

Break

12:00 - 12:45

13:1514:45

Effective Big Data tools in banknote circulation

13:15 - 14:45

  • Framework for monitoring the behavior of banknotes in the circulation
  • Application of Big Data in vault management 
  • Building blocks for effective use of Big Data
  • Case study: making the most of Big Data and AI

Cash and Inclusion: The Role of Central Banks

09:0010:30

Financial inclusion and mobile money: the story of M-Pesa
Pre-recorded presentation

09:00 - 10:30

  • Mobile payment platforms as a tool for reaching the unbanked population
  • Evolution of M-Pesa and other mobile payments across various jurisdictions
  • Examples of how M-Pesa and other mobile payments have increased access to cash
  • Discussion: How can access to physical currency help with financial inclusion?
Isaac Kibere

Legal counsel, financial services and finance, legal and secretarial services

Safaricom Ltd.

10:3011:00

Coffee break

10:45 - 12:00

11:0012:30

Financial inclusion and the future of cash

11:00 - 12:30

  • Overview of the role of cash in tackling financial inclusion
  • Strategies to maintain access to cash
  • Implications of the decline of ATMs
  • Discussion: Has the rise of FinTech increased financial inclusion?

12:3013:00

Networking break

15:30 - 16:00

13:0014:00

Closing remarks and delegate action plans
Concluding session led by the chair

13:00 - 13:30

  • Summary of the course
  • Discussion of the observed trends and case studies
  • Application of learning points in the delegates’ home organisations
  • Preparation of action points